Pillar Income Asset Management announced the appointment of Erik Johnson as President, effective immediately. In addition, Mr. Johnson was also appointed President of American Realty Investors, Inc., Transcontinental Realty Investors, Inc., and Income Opportunity Realty Investors, Inc., collectively referred to herein as the ?Companies?, which are each managed by Pillar. Mr. Johnson has served Pillar as Interim President since April 2023 and as Executive Vice and Chief Financial Officer since June 2020.

He has also served as Executive Vice President and Chief Financial Officer of American Realty Investors, Inc. and Transcontinental Realty Investors, Inc. since August 2020 and Income Opportunity Realty Investors, Inc. since December 2021. Prior to joining the Company, he served as Vice President of Financial Reporting at Macerich and has served as the Chief Accounting Officer of North American Scientific, Inc. He began his career as an auditor with PricewaterhouseCoopers and is a CPA. Mr. Johnson will work with the board of directors of the Companies to execute a long-term plan of expanding their portfolio of multifamily apartment developments in the Sunbelt markets.

The Companies? real estate partners control a substantial number of sites on which the Companies expect to develop additional multifamily apartment communities.